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Jemshah
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Asked: 2022-12-28T22:14:17+00:00 In:

Outline two methods that an organization may use to calculate employees wages. (2 marks)July 2020

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Outline two methods that an organization may use to calculate employees wages. (2 marks)July 2020

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    1. Hourly pay: Hourly pay is a method of calculating wages that is based on the number of hours an employee works. In this method, the employee is paid a set rate for each hour of work, and the total wage is calculated based on the number of hours worked. Hourly pay is often used for jobs that are paid on an hourly basis, such as retail or food service jobs.
    2. Salary: Salary is another method of calculating wages that is based on a fixed amount of pay per year. In this method, the employee is paid the same amount each pay period, regardless of the number of hours worked. Salary is often used for jobs that are paid on a yearly basis, such as managerial or professional positions.
    3. Piecework: Piecework is a method of calculating wages that is based on the number of units or pieces an employee produces. In this method, the employee is paid a set rate for each unit or piece produced, and the total wage is calculated based on the number of units or pieces produced. Piecework is often used for jobs that involve the production of goods or services, such as manufacturing or assembly jobs.
    4. Commission: Commission is another method of calculating wages that is based on a percentage of sales or profits. In this method, the employee is paid a percentage of the sales or profits generated by their work, and the total wage is calculated based on the amount of sales or profits generated. Commission is often used for sales jobs or other positions that involve generating revenue for the organization.
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